Qualcomm on Thursday said its board of directors unanimously rejected Broadcom's revised buyout offer.
On Monday, Broadcom offered to buy the US chip maker for $82 per share, a 50 percent premium on the firm's share price on Nov. 2 2017 and a 56 percent premium on the last 30 days as a weighted average.
Qualcomm said the offer "materially undervalues" the company and "falls well short of the firm regulatory commitment the board would demand given the significant downside risk of a failed transaction."
Qualcomm said it has offered to meet with Broadcom to address the valuation issues.
This is the second time Qualcomm's board has rejected a takeover offer from Broadcom. It originally offered $70 per share in cash and stock in early November 2017.